Name
Fraud Track – Find the Mules, Stop the Fraud
Date & Time
Wednesday, September 16, 2020, 2:15 PM - 3:00 PM
Speakers
Andy Collins - Wells Fargo
Ken Palla - Palla Consulting
Stacie Purcell - Citi
Uri Rivner - BioCatch
Description

No one wants to bank mules. Their presence at scale places a bank's reputation at risk. A bank’s failure to report on their activity puts its compliance in jeopardy and risks costly fines. Mules’ support of criminal networks is known to fund terrorism, human trafficking, and many other criminal enterprises, such as the illegal drug and arms trades. Perhaps the most notorious characteristic of mule activity and the one that fraud executives find to be particularly concerning is that, so long as it is easy for fraudsters to move their ill-gotten gains, fraud will continue to be an appealing way to fund criminal enterprises.

This panel will discuss the scale of mule activity, the challenges of tracking it, approaches to proactively interdicting it, and the case for taking more deliberate and formal action to stop it.